Controlling app version detritus: questions

I now have a lot of apps that have gotten updated on my phone, and the orange "other" stripe gets longer and longer. If I go to my Mobile Applications folder in the Finder, I note that multiple versions of my apps are living there with numbers appended (eg, Todo, Todo 1, Todo 2...). Is this the cause of my lengthening "other" stripe? Will I be OK if I toss everything but the most recent version and rename by removing the appended number (Todo 2 is the most recent)?